论文标题
牢固的异质性，市场力量和宏观经济脆弱性
Firm Heterogeneity, Market Power and Macroeconomic Fragility
论文作者
论文摘要
我们研究牢固的异质性和市场能力如何影响宏观经济脆弱性，这定义为长期低迷的概率。我们提出了一种理论，即企业进入，竞争和因素供应之间的积极相互作用会引起多个稳态。我们表明，当公司在生产力方面高度异质时，即使是小临时冲击也可以触发公司退出，并使经济在竞争驱动的贫困陷阱中螺旋。我们校准了模型，以纳入美国经济中有据可查的企业异质性趋势，并表明它们大大增加了缓慢恢复的可能性和时间。我们使用框架来研究2008-09的经济衰退，并表明该模型可以使产出的持续偏差和大多数宏观经济骨料与趋势的持续偏差，包括净入口，标记和劳动力份额的行为。危机后跨行业数据证实了我们提出的机制。我们的结论是，表明公司补贴可以在防止长期低迷方面有力，并可能导致10％至50％的福利收益。
We study how firm heterogeneity and market power affect macroeconomic fragility, defined as the probability of long slumps. We propose a theory in which the positive interaction between firm entry, competition and factor supply can give rise to multiple steady-states. We show that when firms are highly heterogeneous in terms of productivities, even small temporary shocks can trigger firm exit and make the economy spiral in a competition-driven poverty trap. We calibrate our model to incorporate the well-documented trends on rising firm heterogeneity in the US economy, and show that they significantly increase the likelihood and length of slow recoveries. We use our framework to study the 2008-09 recession and show that the model can rationalize the persistent deviation of output and most macroeconomic aggregates from trend, including the behavior of net entry, markups and the labor share. Post-crisis cross-industry data corroborates our proposed mechanism. We conclude by showing that firm subsidies can be powerful in preventing long slumps and can lead to welfare gains between 10% and 50%.
